Saigon Times | Thu, May 22, 2014 03:43:00 PM
Ford Vietnam said it spent some US$4 million in Vietnam in the first quarter of this year and plans to inject more money toward the year-end.
Jesus Metelo Arias, general director of Ford Vietnam, told reporters in HCMC that the US$4 million went to expansion of the company’s factory in the northern province of Hai Duong Province. Of which, around US$3 million was spent on an assembly line for EcoSport, which is a smaller SUV (sport utility vehicle) model of Ford.
EcoSport is currently manufactured at Ford’s factory in Rayong, Thailand for the Thai market and other countries in Southeast Asia.
The additional investment has helped raise the annual output capacity of Ford Vietnam’s factory in Hai Duong to 9,000 units from 8,000. Around 180 technicians were employed for the facility in the first four months of this year.
Ford has invested around US$140 million in Vietnam. Arias said the company has plans to pour several more million U.S. dollars into this market but did not provide an exact figure.
A reliable source put the planned extra investment of Ford Vietnam at US$3 million.
In the first four months of this year, For Vietnam sold 3,360 units, up 51% year-on-year. Last month, the company recorded its best business performance ever in Vietnam with 939 units sold, up 37% over the same period last year and its market share rising to 8.3%.
Arias expected Ford Vietnam could achieve better business results if the EcoSport model was launched in this market in the middle of 2014.
Source: Saigon Times